Why gloom and doom on housing market?

Published 7:00 pm, Sunday, November 11, 2007

The current market is down, no argument. We have become accustomed for about 10 years to a seller's market and coming down to earth is hard.

I became a Realtor in 1988 when the inventory was high, buyers were scarce, and interest rates were in double digits. Real estate is cyclical, and the most recent cycle outlasted all expectations.

The problem we are facing now is that the driving force in the market, moving up, is no longer in play. The 100 percent mortgage financing that was so plentiful has virtually disappeared, and the requirements for qualification are changing daily.

On the bright side, there are buyers, rates are low, and the inventory is pretty good. The smart people are figuring this out, but it would be so helpful if the media would look at all sides for a change.

If you keep on forecasting gloom and doom, that's what you will get. The truth of the matter is, if you buy a home today, you are well positioned for the next surge in pricing.